What Crypto Whales Are Buying for Potential Gains in May 2023 (2024)

After a slow start to April, the success of Ethereum’s Shappela upgrade reignited investor interest across the crypto industry. As May draws near, crypto whales appear to be taking bullish positions on certain altcoins.

Cryptocurrencies like Cardano (ADA), Render (RNDR), Chiliz (CHZ), and Litecoin (LTC) have recently attracted considerable investment from large institutional investors. If historical trends are anything to go by, these altcoins could be set for bullish price action in May 2023.

Cardano Whales Are Doubling Down Despite Recent Gains

Cardano started April strong, racing to a new 2023 peak of $0.46 on April 18. However, the recent industry-wide contraction saw ADA retrace toward $0.37. On-chain data reveals that crypto whales are already buying the dip to position for another Cardano bull rally in May.

The Santiment chart below shows how the cluster of whales holding 100 million and above units of ADA coins have been buying the dip in the past week.

The red line depicts that the whales had started buying since the previous market dip in mid-March. However, they intensified the accumulation between April 18 and April 27 by adding another 620 million ADA coins.

The newly added ADA coins are worth nearly $254 million at the current market value of $0.41. Notably, these whales’ previous buy/sell patterns have been closely correlated to Cardano price actions. If this trend repeats in May, ADA holders can expect a substantial price upswing.

Large Investors Are Eyeing Render (RNDR) Token

Render (RNDR) first emerged on the mainstream media radar during the AI-hype season in January of this year. The event saw many blockchain projects ride the wave of ChatGPT’s growing popularity to deliver triple-digit gains.

While many of the other AI tokens have retraced into relative obscurity, Render has continued to consolidate its strong start in Q2 2023. Unsurprisingly, the RNDR token is now attracting the attention of eagle-eyed whale investors.

The chart below shows how crypto whales holding 100,000 to ten million RNDR tokens have been accumulating and HODLing since Feb. 12.

Quite remarkably, even when RNDR price retraced by a whopping 50% in mid-March, the whales continued to HODL steady.

More so, the whales recently acquired another seven million coins, worth approximately $15 million, between April 9 and April 27. This inevitably propelled RNDR to a new 2023 peak of $2.50 on April 28, bringing its year-to-date gains to a remarkable 515%

If the strategic crypto whales keep buying, RNDR will likely make a series of new highs in May.

Chiliz (CHZ) Whales Are Back in the Game

Chiliz is the native token that powers the Socias blockchain sports and entertainment ecosystem. As the global football community gears up for a summer of intense sporting activities, CHZ has delivered a 16% price gain this week.

Interestingly, on-chain data shows that crypto whales also want to get in on the action.

The yellow line in the chart below depicts whale investors acquiring a remarkable 1.10 billion CHZ tokens between April 9 and April 28.

At the current market price of $0.13, the whales have invested nearly $143 million in the CHZ ecosystem. With the increased liquidity and demand pressure piled on by the whales, Chiliz will likely deliver a positive performance in May.

Litecoin Whales Are Stacking Up Ahead of Upcoming Halving

The next halving event on the Litecoin (LTC) network is in less than 100 days. The event will see the number of block rewards issued to miners cut in half. The deflationary effect of the halving will like put some upward pressure on the price of LTC in the coming months.

To front-run the potential gains from this milestone event, crypto whales have been betting big on LTC this week.Between April 20 and 28, the cohort of whales holding 100,000 to one million LTC added another 4.53 million to their balances.

This sudden accumulation among whales has already triggered a 6% price surge that has now seen LTC retest $90. But if the large investors keep buying, more bullish price action could still come in May.

Crypto whales significantly influence the cryptocurrency markets due to the large amounts of capital they control. As such, their accumulation can signal to other investors that the asset is undervalued, and they may follow suit by buying in. This could ultimately drive up the price.

Hence, strategic investors need to keep an eye on whales’ buy/sell patterns as May approaches.